Vacancy rises in January as new blocks hit

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JLL New York Chart of the Week

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  • Midtown Class A vacancy climbed to 11.4 percent from 10.7 percent at year-end, with the addition of new product in the Penn Plaza/Garment District and returned space in the Plaza District.
  • Downtown Class A vacancy rose to 13.0 percent in January from 11.6 percent at year-end 2014. Trophy space was added at 28 Liberty Street (formerly 1 Chase Manhattan Plaza).
  • Leasing activity is forecast to remain brisk through the first half—with a handful of large block leases expected to close—but will be offset, in part, by additional blocks coming to market later this year.

Source: JLL Research